Small Businesses And The Rules For Growth
What do small businesses that achieve sustained growth do differently from those that do not grow?
There are no silver bullets or 17-point checklists that will lead to guaranteed growth. However, there are seven specific areas in which growth companies concentrate their efforts.
You must have a strong sense of purpose. Most leaders of companies that have achieved growth discover that it takes more than the promise of increasing financial reward to fuel their aspirations and ambitions. They find a higher calling than simply the pursuit of "more money."
You must have outstanding market intelligence. This refers to an organization's ability to first recognize, then adapt, to fundamental changes in the marketplace. Many times, small-business owners become too myopic, seeing only a limited view of the markets in which they compete. What growth leaders see is the bigger picture.
Plan for an effective growth. The best predictor of whether or not a business will grow is this tip. A plan for growth does not need to be overly formal or complicated in order to be effective. But you have to make sure that it is written, well-communicated and regularly updated.
Are there customer-driven processes? These days, every company I talk to believes it is customer-driven, when actually very few really are. You can have a look at all of the business processes from a customer's perspective. Are they in place to help deliver on the promise of faster, cheaper and better for the customer or to make it easier for the company?
What is the power of technology? Successful leaders don't let the boom and bust of technology cycles give them the excuse to ignore that we live in an information age. A company being business would mean that it is in the technology business.
The best and brightest people. What growth leaders recognize is that they are only as good as the people with whom they work. The ability to hire, train and retain the best and the brightest people is often the difference between success and failure.
Being able to see the future. Taking the time to regularly consider the future is what few organizations do. For growth leaders, the learn how to diligently monitor and interpret the macro forces of change affecting the world in which they live.
There are no silver bullets or 17-point checklists that will lead to guaranteed growth. However, there are seven specific areas in which growth companies concentrate their efforts.
You must have a strong sense of purpose. Most leaders of companies that have achieved growth discover that it takes more than the promise of increasing financial reward to fuel their aspirations and ambitions. They find a higher calling than simply the pursuit of "more money."
You must have outstanding market intelligence. This refers to an organization's ability to first recognize, then adapt, to fundamental changes in the marketplace. Many times, small-business owners become too myopic, seeing only a limited view of the markets in which they compete. What growth leaders see is the bigger picture.
Plan for an effective growth. The best predictor of whether or not a business will grow is this tip. A plan for growth does not need to be overly formal or complicated in order to be effective. But you have to make sure that it is written, well-communicated and regularly updated.
Are there customer-driven processes? These days, every company I talk to believes it is customer-driven, when actually very few really are. You can have a look at all of the business processes from a customer's perspective. Are they in place to help deliver on the promise of faster, cheaper and better for the customer or to make it easier for the company?
What is the power of technology? Successful leaders don't let the boom and bust of technology cycles give them the excuse to ignore that we live in an information age. A company being business would mean that it is in the technology business.
The best and brightest people. What growth leaders recognize is that they are only as good as the people with whom they work. The ability to hire, train and retain the best and the brightest people is often the difference between success and failure.
Being able to see the future. Taking the time to regularly consider the future is what few organizations do. For growth leaders, the learn how to diligently monitor and interpret the macro forces of change affecting the world in which they live.
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